Filters
- Amount
- Up to $35,000
- Rate
- 9.99% - 46.96%
- Term
- 9 - 78 Months
- Amount
- Up to $60,000
- Rate
- 19.99% - 39.99%
- Term
- 6 - 120
How To Apply For Personal Loans In Saskatchewan?
When you apply for a personal loan in Saskatchewan, your creditor will be examining various parts of your personal and financial profile. So, before applying, there are a few essential steps you should take, including but not limited to:
- Gather Your Documents – One of the reasons people get denied is due to lack of proper documentation and mistakes on the loan application. Be sure to gather, organize, and update your personal and financial information.
- Compare Options – Before applying with any one lender in Saskatchewan, be sure to compare your options and search for a lender that is reputable. This can help you avoid applying with any lenders whose requirements you don’t meet.
- Get A Quote – Many online lenders provide free loan quotes. Getting a quote before applying can help you choose a lender who offers the best rates and terms.
- Apply – Whoever, you choose to apply with, you can usually do so online. You’ll simply need to provide some personal and financial details such as your name, address, contact information, income level, employment and more.
Documents Needed For A Personal Loans In Saskatchewan
- Name, date of birth, contact information
- 1 or 2 government-issued IDs (1 photo)
- Social Insurance Number (SIN)
- Proof of employment (income, employers name, job title)
- Loan purpose
- 3 months' worth of bank statements
- Bank account details (for direct deposit and withdrawal of payments)
Instant Bank Verification For Personal Loans In Saskatchewan
Instant bank verification involves the verification of a loan applicant’s bank account number and details. This ensures that the account is valid before a loan is processed and approved. Bank verification is crucial for lenders because it helps to reduce the chances of fraudulent activity and thereby lowers the risk for the lender.
Some companies provide instant bank verification services to lenders. Unlike the typical verification method, which can take days to complete, instant bank verification verifies bank account information almost instantly. It’s safe and convenient for lenders and consumers and helps to expedite the loan underwriting process.
Some of the platforms that offer this service include the following:
- Plaid
- Flinx
- Yodlee
High-Cost Credit Personal Loan Regulations In Saskatchewan
Currently, there is no framework specifically dealing with high-cost credit loans in Saskatchewan. Some provinces have adopted regulations to govern these expensive loans, but Saskatchewan has yet to implement such regulations. The province only has rules governing payday loans specifically, which are specific high-cost loans that are meant to be repaid in one lump sum rather than in installments.
Maximum Interest Rate
While high-cost personal loans in Saskatchewan don’t have any regulations on the interest a lender can charge, there are federal regulations. All lenders must respect the criminal interest rate set by the federal government.
| Description | Criminal Interest Rate | |
| Annual Percentage Rate (APR) | APR factors in all the fees and interest costs. | 47% |
| Effective Annual Rate (EAR) Or Annual Percentage Yield (APY) | EAR/APY factors in all the fees and interest costs, but it also factors in the effect of compounding interest. | 60% |
*Note: As part of the 2023 Budget, the Canadian government will reduce the APR criminal interest rate from 47% to 35% APR starting 2025.
Can You Get Personal Loans In Saskatchewan On Employment Insurance?
If you recently lost your job or are in between jobs, you may be collecting employment insurance benefits to help support you financially until you find employment. But if you’re on EI and need to borrow money, you might be wondering if you can qualify for a short-term or installment loan in Saskatchewan.
Fortunately, it’s possible to get a loan while on EI, as well as other benefits, including disability and the Canada Child Benefit (CCB). Many alternative lenders make it easy for borrowers without conventional income or employment to apply online and get approved in less than 24 hours.
It’s important to understand, however, that applying for a loan while on EI will likely mean that you’ll be charged higher interest than you would if you were employed and earning a regular income. This is because non-traditional benefits like EI instead of a regular income increases the risk for the lender.
Places To Help You Get A Job In Saskatchewan
The province of Saskatchewan has plenty of staffing agencies available to help unemployed residents find a job. These companies connect people looking for work with local businesses in need of reliable help.
Here are a few employment agencies in Saskatchewan to help you find your next job:
Randstad Canada
Randstad is a nationwide employment agency with branches across Canada, including Saskatchewan. The company was first founded in the Netherlands and eventually opened to the Canadian market in 1997. Today, Randstad is among the largest staffing agencies in the country with a team of professionals in various areas of specialty.
Randstad has a vast network of employers in its circle, making it easy for them to match job seekers with companies looking to fill job vacancies. They can help pair you up with the right company based on your skills and experience.
Some of the features provided by Randstad include the following:
- Resume writing tips
- Interview assistance
- Career development resources
- Professional recruiters
Robert Half
The Saskatchewan branch of Robert Half has a team of experienced recruiters with their hand in the local job market. Their skillset and connections help them quickly pair unemployed Canadians with companies in the province. The online job board offers a convenient spot for candidates to find work in a variety of industries, both in on-site and remote settings.
Robert Half offers the following features:
- Online job board
- Interview help
- Salary negotiation guidance
- Online skill training
- Career advice
Adecco Canada
Adecco works with employers and job seekers in Saskatchewan and the rest of Canada to help fill open job positions. The company specializes in professional, sales, construction, administrative, manufacturing, transportation, and warehousing jobs. Both temporary and permanent job positions are available to suit all workers’ needs.
The following are some features offered by Adecco:
- Online job board
- Job fair
- Interview preparation
- LinkedIn profile tips
- Webinars
- Resume writing assistance
Where Can You Find Saskatchewan Government Employment Assistance Offices?
To help you find employment centres that are non-profit or funded by the government, we’ve compiled a list of programs and services:
- Adult Basic Education (ABE) program – Available at various institutions across Saskatchewan
- Education and Training Incentive (ETI) – Available at various post-secondary institutions
- SIIT Career Centres – Main Floor, 229 – 4th Avenue South
- Regina Work Preparation Centre – 2020 Halifax Street, Regina, SK, S4P 1T7
- Saskatoon Open Door Society – 100 – 129 3rd Ave N. Saskatoon, SK, S7K 2H4
How Much Can You Borrow In Saskatchewan Through A Personal Loan?
The amount you can borrow depends on your creditor’s rules and regulations. Generally, the amount you qualify for will be based on your overall financial health. The stronger your finances, the higher the loan amount you’ll be able to borrow. Some factors your lender may evaluate include:
- Your Employment Stability – Your employment record, including your previous and current job positions.
- Your Income Level – Your income and likelihood that you’ll be able to afford your future payments.
- Your Credit Score – The strength of your credit score, report, rating, history.
- Security – Your ability to produce assets as collateral (home, vehicle, other properties of value, etc.).
- Any Co-signer – The possibility of a co-signer (if your credit or income are in poor health).
The more healthy these factors look in your creditor’s eyes, the larger of a personal loan you’ll be approved for. Not only that but having solid credit and finances is a good way to get your interest rate reduced.
Should You Use A Credit Card Instead Of A Personal Loan?
Whether you use your credit card or a personal loan, depends largely on the expense you’re trying to finance and your financial situation. In general, a credit card is a better option for smaller expenses that you know you can pay off within the same billing cycle. On the other hand, if you’re looking to finance a large expense, a personal loan is often the better option as it can help spread out the cost and typically has lower interest rates.
Benefits Of Using A Credit Card
- Rewards Points – One of the major benefits of using a credit card is the rewards points. Every purchase you make on it will give you back a certain amount of points or cash back.
- Defer Payments – Purchases can be deferred to the end of the billing cycle. Rather than paying upfront for your purchase, you can pay for it at the end of your credit card billing cycle.
Drawbacks Of A Credit Card
- High Interest – If you’re unable to pay the entire balance during the same billing cycle, you’ll be accruing interests as high as 21.99% on your balance.
- Minimum Payment – Minimum payments may seem advantageous, and they can be; if used responsibly. However, if you choose to only make the minimum payment, you can end up stuck in debt for years.
Alternatives To Personal Loans In Saskatchewan
If you’re in need of financial help, there are other alternatives to personal installment and short-term loans in Saskatchewan. The following are some of the public programs available to help financially support you:
| Financial Resource | |
| Saskatchewan Income Support (SIS) | Learn More |
| Seniors Income Plan (SIP) | Learn More |
| Saskatchewan Assured Income for Disability (SAID) | Learn More |
| Saskatchewan Temporary Wage Supplement Program (STWSP) | Learn More |
| Family Health Benefits | Learn More |
Federal Assistance Programs In Saskatchewan
| Employment Insurance (EI) | Learn More |
| Canada Child Benefit (CCB) | Learn More |
| Maternity/Parental Leave | Learn More |
| Federal Disability Tax Credit | Learn More |
| Compassionate Care Benefits | Learn More |
| GST/HST Tax Credit | Learn More |
| Green Tax Credits | Learn More |
Other Financial Assistance Programs In Saskatchewan
In addition to the programs mentioned above, there are several financial assistance programs in Saskatchewan available to help cover basic living expenses, including the following:
Rent assistance. Monthly Rental Sponsorships are available to renters in Saskatchewan to help offset the cost of expensive rent.
Utility assistance. The government of Saskatchewan and SaskPower have teamed up to provide residents with the Energy Assistance Program to help low-income residents afford the cost of utilities.
Housing shelters. The Lighthouse provides several housing options and programs for individuals at risk of becoming homeless. The program also helps those with various addictions and mental health problems overcome their issues so they can achieve independence.
Food bank. Food Banks of Saskatchewan is a provincial association of food banks across the province that serve residents with food insecurity.
Affordable housing initiative. The Silver Sage Housing Corporation runs the Affordable Housing program that provides government-subsidized housing at a set rental amount below current market rates.
Where Can You Find Consumer Protection Offices In Saskatchewan?
Businesses operating in Saskatchewan must adhere to certain rules in terms of how they deal with consumers. The Consumer Protection and Business Practices Act in Saskatchewan details all consumer protection laws that businesses must follow. These regulations are designed to protect customers and make sure that they are dealt with fairly.
Consumers who believe that they have been subject to unfair treatment can contact the Consumer Protection Division:
- By telephone: 1-877-880-5550
- By email: consumerprotection@gov.sk.ca
- In person: 2365 Albert Street, 4th Floor, Regina, SK
